| Summary of financial information of discontinued operations |
The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2016 and 2015:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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(unaudited) |
Revenues |
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$ |
53,939 |
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$ |
607,379 |
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$ |
249,439 |
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$ |
1,827,238 |
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Expenses |
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508 |
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174,218 |
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78,013 |
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789,157 |
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Operating income |
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53,431 |
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433,161 |
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171,426 |
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1,038,081 |
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Interest expense |
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14,317 |
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215,927 |
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55,963 |
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689,998 |
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Gain on disposal of properties |
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805 |
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— |
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688,824 |
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— |
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Income from discontinued operations |
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$ |
39,919 |
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$ |
217,234 |
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$ |
804,287 |
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$ |
348,083 |
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As of September 30, 2016 and December 31, 2015, assets held for sale consisted of the following:
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September 30, 2016 |
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December 31, 2015 |
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(unaudited) |
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Investment properties, net |
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$ |
216,792 |
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$ |
1,284,888 |
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Rents and other tenant receivables, net |
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— |
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38,945 |
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Above market lease intangible, net |
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2,616 |
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2,616 |
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Deferred costs and other assets, net |
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146,472 |
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366,024 |
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Total assets held for sale |
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$ |
365,880 |
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$ |
1,692,473 |
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As of September 30, 2016 and December 31, 2015, liabilities associated with assets held for sale consisted of the following:
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September 30, 2016 |
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December 31, 2015 |
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(unaudited) |
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Loans payable |
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$ |
1,350,000 |
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$ |
1,966,806 |
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Below market lease intangible, net |
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— |
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14,758 |
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Accounts payable, accrued expenses and other liabilities |
— |
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10,754 |
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Total liabilities associated with assets held for sale |
$ |
1,350,000 |
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$ |
1,992,318 |
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